Latest threads in Taxes General Forumshow only best voted threads
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982 Discharge of debt.
982 Discharge of debt. A party has $50,000 in capital losses on prior years tax returns. Party files 982 Discharge of debt. Does this effect his capital losses.
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12 years ago
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1099C cancellation of debt
A party received a total of $32,000 of 1099C cancellation of debt statements from various credit card companies. All charges were for items of personal consumption over a period of 3 years. The party...
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12 years ago
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30 Yr old dependent
Single parent has 30 year old child living at home. Child made no income and was a college student. Appears that : - child qualifies as dependent - qualifying relative - Parent qualifies as HOH -...
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12 years ago
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Form 1116 Line 3b
Hope I'm not driving anyone mad with my slogging through this form... but I am learning a lot. Line 3b of Form 1116 pertains to "Deductions that do not relate to any specific type of income." "Type of...
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12 years ago
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Rollover IRA for nonresident
I have a friend who is a US citizen living in the UK. She has an IRA left over from before she moved to the UK, and the current custodian has told her they won't handle it any more because they don't...
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12 years ago
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divided mortgage interest deduction
Hi All, I recently learned that my mother in law is having tax issues. I have her convinced to see a professional but it's going to take a few weeks (she's visiting on vacation). She lives in her own...
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12 years ago
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California sales tax
I live in Minnesota. Last week, I purchased some items (DVDs, digital downloads, and admission to a seminar) from someone in California. The seminar will take place in California. Payment was made...
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12 years ago
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ROTH CONVERSION
I took advantage of the offer to convert from a Trad. IRA to a ROTH IRA in 2010. I can claim 1/2 of the amount for TYrs 2011 and the other half in 2012 . I would like to claim the entire amount in TY...
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12 years ago
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Schedule C and form 1099-K
We have a small business providing administrative support to clubs putting on dog shows. This involves among other things collecting entry fees. Most of the fees are sent by mail with checks made out...
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12 years ago
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Estate Administrator Fee/Income
Question: I received a one-time fee for administering my deceased father's estate. All the info I have found clearly says this is reported on 1040 Line 21 as "Other Income." However, I also have some...
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12 years ago
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Value of Frequent Flier Miles
There's a raging controversy over this, as Citibank gave American Airlines miles as a promotion for opening new accounts, then sent customers 1099's valuing the miles at 2.5 cents per mile. Assuming...
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12 years ago
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rental cash out refinance
I have single owner LLC (disregarded entity) that deals in rental properties. My LLC paid cash for a rental property (property A) acquired in 2009. In 2011, I pulled cash out of this property by...
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12 years ago
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Late Estimated taxes for last three quarters
I forgot to pay last three quarters of estimated taxes amounting to $6000. What will be neater to send IRS last three coupons along with $2000 each or just send IRS the last coupons with a $6000...
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12 years ago
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Tax credits for gas water heaters
My daughter bought a new gas water heater for her house in 2011. She wanted to know if she could get a credit on her taxes. It looks from my research that she can get up 30% up to $500 as she hasn't...
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12 years ago
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Taking Savings Bonds OUT of a Trust
Elderly relative has many U.S. EE bonds titled to her as trustee of her revocable trust. No taxes have been paid on accumulated earnings. My understanding is that the bonds will need to be cashed in...
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12 years ago
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